{"id":7159,"date":"2021-04-14T11:59:39","date_gmt":"2021-04-14T15:59:39","guid":{"rendered":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/?p=7159"},"modified":"2021-04-14T12:07:25","modified_gmt":"2021-04-14T16:07:25","slug":"jan-mar-2021-real-estate-market-watch","status":"publish","type":"post","link":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/jan-mar-2021-real-estate-market-watch\/","title":{"rendered":"Jan – Mar 2021 Real Estate Market Watch"},"content":{"rendered":"
\"\"<\/a>SNAPSHOT OF CURRENT MARKET CONDITIONS FOR SUSSEX COUNTY<\/strong>
\n(as of 3\/31\/2021\u2014based on sales of single-family detached homes)<\/strong><\/h6>\n

 <\/p>\n

Total Single Family Homes on the Market as of 3\/31\/2021\u2026646<\/strong><\/p>\n

Down<\/span> 1% from last month<\/strong><\/p>\n

 <\/p>\n

Homes listed in March 2021\u2026505 (73% already under contract)<\/strong><\/p>\n

Inventory Breakdown:\u00a0\u00a0\u00a0\u00a0 Resale Homes – 54%\u00a0\u00a0 New Const. – 46%<\/strong><\/p>\n

 <\/p>\n

Total Single Family Homes Sold Current Year\u2026\u2026. 995<\/strong><\/p>\n

Total Single Family Homes Sold Previous Year\u2026\u2026877<\/strong><\/p>\n

% Change in Homes Sold\u00a0 \u00a0 \u00a0 \u00a0UP<\/span><\/span> 13%<\/strong><\/p>\n

 <\/p>\n

Average Price of Homes Sold Current Year\u00a0 $494,189<\/strong><\/p>\n

Average Price of Homes Sold Previous Year $411,567<\/strong><\/p>\n

% Change in Average Price\u00a0 \u00a0 UP <\/span>20%<\/strong><\/p>\n

 <\/p>\n

Median Price of Homes Sold Current Year\u00a0\u00a0\u00a0 $362,490<\/strong><\/p>\n

Median Price of Homes Sold Previous Year\u00a0 $320,000<\/strong><\/p>\n

% Change in Median Price\u00a0 \u00a0 \u00a0UP<\/span> 13%<\/strong><\/p>\n

 <\/p>\n

Average Days on Market of Homes Sold Current Year\u2026\u2026 57<\/strong><\/p>\n

Average Days on Market of Homes Sold Previous Year\u2026.. 89<\/strong><\/p>\n

% Change in Average Days on Market\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 DOWN<\/span> 36%<\/strong><\/p>\n

As of the end of March, there were a total of 646 homes on the market, a decrease of 1% from the previous month’s end inventory of 650.\u00a0 This represents slightly less than a 2-month’s supply of inventory, with a current absorption rate of 332 homes sold per month thus far in 2021.\u00a0 There were 505 new listings of single family homes put on the market in March, with 73% of them going under contract by the month\u2019s end.\u00a0 Of the 646 homes on the market at month\u2019s end, 54% of them are new construction homes.<\/p>\n

Closed Sales<\/strong><\/p>\n

For the first three months of 2021, sales of single-family homes in Sussex County are up 13% from last year, with 995 homes sold compared to 877 for the first three months of 2020.\u00a0 The areas with the largest increase were the Georgetown Area, up 71% and the Angola\/Long Neck\/Millsboro Area, up 32%.\u00a0 The areas with the largest decrease are the Milford\/Lincoln\/Slaughter Beach Area, down 19% and the Dagsboro\/Millsboro Area, down 2% from last year to date.<\/p>\n

Home Prices<\/strong><\/p>\n

The average sales price of single-family homes in Sussex County are up over the first 3-month period of last year, $494,189 compared to $411,567, a 20% increase.\u00a0 The median sales price was also up over the first 3-months of 2020, $362,490 compared to $320,000, a 13% increase.<\/p>\n

Pending Sales<\/strong><\/p>\n

Pending sales for the first three months of 2021 were up by 22% over last year, with 1,188 homes going under contract through March of 2021, compared to 976 in 2020.<\/p>\n

Days on Market<\/strong><\/p>\n

The average days on market for homes to go under contract has decreased by 36% for homes sold through March of this year compared to last.\u00a0 In 2021, the current average days on market is 57 days, compared to 89 days through March of 2020.<\/p>\n

**The statistics referenced here are based on detached single family homes, derived from the Bright Multiple Listing Service.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

SNAPSHOT OF CURRENT MARKET CONDITIONS FOR SUSSEX COUNTY (as of 3\/31\/2021\u2014based on sales of single-family detached homes)   Total Single Family Homes on the Market as of 3\/31\/2021\u2026646 Down 1% from last month   Homes listed in March 2021\u2026505 (73% already under contract) Inventory Breakdown:\u00a0\u00a0\u00a0\u00a0 Resale Homes – 54%\u00a0\u00a0 New Const. – 46%   Total … Continue reading Jan – Mar 2021 Real Estate Market Watch<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":7164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,37,51,33],"tags":[],"class_list":["post-7159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miscellaneous","category-news","category-sussex-county-market-watch","category-what-sold"],"_links":{"self":[{"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/posts\/7159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/comments?post=7159"}],"version-history":[{"count":0,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/posts\/7159\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/media\/7164"}],"wp:attachment":[{"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/media?parent=7159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/categories?post=7159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sellingdelawarehomes.com\/delaware-real-estate\/wp-json\/wp\/v2\/tags?post=7159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}